News Releases

December 23, 2015

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Toronto, ON / December 23, 2015 / Victoria Gold Corp. (TSX.V-VIT) "Victoria" or the "Company" is pleased to announce that it has completed non-brokered private placements (the "Financing") through the sale of 21,024,136 flow-through common shares (the "Flow-Through Common Shares") to raise gross proceeds of approximately $3.6 million. The proceeds from the sale of the Flow-Through Common Shares are expected to be used to explore and advance the Company's Dublin Gulch property, specifically, the Olive and Shamrock targets.

"The high demand for this flow-through issuance has resulted in an increase in the total amount of the financing from the $1.75 million financing, which closed in late November 2015, to the $3.6 million financing outlined herein. This increased funding coupled with competitive drilling prices will enable us to achieve a robust drilling program on the Olive and Shamrock targets." said John McConnell, President & CEO.

The Financing included:

10,329,164 Flow-Through Common Shares at a price of $0.17 per share for gross proceeds of approximately $1.75 million which closed on November 26, 2015 (see news release dated November 26, 2015),

7,358,972 Flow-Through Common Shares at a price of $0.17 per share for gross proceeds of approximately $1.25 million which closed on December 23, 2015, and

3,336,000 Flow-Through Common Shares at a price of $0.18 per share for gross proceeds of approximately $0.6 million which closed on December 23, 2015.

The gross proceeds from the sale of the Flow-Through Common Shares will be used for Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)), and the Company will use its best efforts to ensure that such Canadian Exploration Expenses qualify as a "flow-through mining expenditure", for purposes of the Income Tax Act (Canada), related to the exploration of the Company's exploration projects. The Company will renounce such Canadian Exploration Expenses with an effective date no later than December 31, 2015.

In connection with the Financing, the Company has paid a 6% cash finder's fee on certain orders to Secutor Capital Management Corp. and Red Cloud Mining Capital Inc. in consideration for their efforts in introducing subscribers to the Company. Directors and officers of the Company purchased 1,804,405 shares in the Financing.

All securities issued will be subject to a four month hold period and this transaction remains subject to receipt of the final approval of the TSX Venture Exchange.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

Qualified PersonThe technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the Qualified Person.

About Olive and ShamrockThe Olive and Shamrock targets are defined by a broad gold/arsenic in-soils geochemical anomaly and lie on the intrusive-sediment contact of the Potato Hills Trend (as does the Eagle Deposit) and are punctuated by several historically exploited high-grade sulphide veins. The area was mined on a small scale from shallow shafts and adits in the early 1900's and via placer mining in creeks draining the area. The Olive and Shamrock vein system is located near the top of Olive Gulch and consists of gold-bearing quartz-scorodite-arsenopyrite vein material centralized in a shear zone structure. More detail and a current summary of the Olive and Shamrock Zone exploration can be found on the Company website.

About the Dublin Gulch ProjectVictoria Gold's 100%-owned Dublin Gulch gold property is situated in the central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year-round, and is located within Yukon Energy's electrical grid. The Company has constructed and maintains a 100 person all-season camp at the project site.

The Property covers an area of approximately 555 square kilometers, and is the site of the Company's Eagle Gold Deposit. The Eagle Gold Deposit is expected to be Yukon's next operating gold mine and includes Probable Reserves of 2.3 million ozs of gold from 92 million tonnes of ore with a grade of 0.78 grams of gold per tonne, as outlined in a National Instrument 43-101 definitive feasibility study. The NI 43-101 Mineral Resource has been estimated to host 222 million tonnes averaging 0.68 grams of gold per tonne, containing 4.9 million ounces of gold in the "Indicated" category, inclusive of Probable Reserves, and a further 78 million tonnes averaging 0.60 grams of gold per tonne, containing 1.5 million ounces of gold in the "Inferred" category.

Cautionary Language and Forward-Looking StatementsNeither the TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.